Excess Returns

The Intangible Economy with Kai Wu

Business EN ↓ 3 episodes

The Intangible Economy with Kai Wu explores the hidden forces reshaping the modern economy and their implications for investors. AI and the broader technology revolution are changing how we live, work, and create value. In each episode, Kai sits down with investors, researchers, and other experts to discuss how innovation and other intangible forces - such as brands, human capital, and network effects - are transforming markets and investment outcomes.

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Excess Returns

Episodes

Aswath Damodaran on SpaceX, AI and the Limits of Big Market Stories 18.06.2026 1:08:26

Professor Aswath Damodaran joins The Intangible Economy to break down how to value SpaceX, AI companies, intangible assets, and the future of value investing. We discuss why big markets do not automatically create big value, how AI CapEx is changing the character of major technology companies, and why the best investment stories still have to connect to the numbers. Aswath Damodaran on X https://x...

What Past Capital Cycles Can Teach Us About AI with Edward Chancellor 12.05.2026 1:16:29

Edward Chancellor joins Kai Wu to discuss what financial history and capital cycle theory can teach investors about today’s AI boom. They explore why transformative technologies can still produce terrible investor returns, how overinvestment develops, where anti-bubbles may be forming, and what past episodes like the railway mania, the dot-com bubble, China’s investment boom and the post-2008 inte...

Michael Mauboussin: Base Rates, AI Adoption, and Investing in the Intangible Economy 31.03.2026 1:01:12

This episode of The Intangible Economy explores how AI, intangible assets, and unprecedented capital investment are reshaping the future of markets. Michael Mauboussin joins Kai Wu to break down why today’s AI expectations may be historically unmatched—and what that means for investors trying to assess risk, returns, and who ultimately captures value. The conversation moves from base rates and AI...